Fitch Ratings has assigned the deal, Nissan Auto Lease Trust 2014-A, preliminary ratings. On offer are $128 million of F1+’ money market fund notes and $722 million of AAA’ rated notes. Vehicle leases on new Nissan and Infiniti brand vehicles back the notes. Initial CE equals 16.50% for class A notes

Citibank is the lead underwriter on the deal.

The pool is comprised of lease with a weighted average FICO of 741, which is consistent with prior Nissan securitizations. The leases are all made for new cars and have a weighted average seasoning of 13 months. The pool is primarily composed of 39-month leases.

Santander plans to take another turn in the securitization market with its third subprime auto loan deal of 2014. This one offers $1.05 billion of securities, according to a regulatory filing.

Santander Drive Auto Receivables Trust 2014-3 will issue $632 million of class A notes, $123.5 million of class B notes, $153 million of class C notes, $91.2 million of class D notes and $59 million of class E notes.

Wells Fargo and JP Morgan are lead underwriters. Barclays, BofA Merrill Lynch and RBC Capital Markets are co-managers on the class A notes only.

The loans in the pool have a weighted average FICO score of 593 and a weighted avareg LTV of 111.99%. The loans have a weighted average remaining term if 64 months and a weighted average original term of 69 months.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.